![]() Money continues to be the number one cause for divorce in the U.S. In order to avoid marriage money problems, it pays to sit down and have a serious financial conversation with your new partner. It may not be pretty or exciting, but its something that needs to be done, or you’ll pay for it, literally down the road. Keep a Realistic Approach to MoneyOne of the reasons money is the number one cause for divorce is that people can have very different expectations on lifestyle and how money should be spent. As an initial tip to avoiding marriage money problems, consider the following questions when setting expectations for your financial future with your partner- (a) What should your money be spent on, what’s essential and what’s discretionary; (b) What are the shared expenses, and what are the expenses that each individual is supposed to account for; (c) Which accounts should be made joint accounts, and which accounts should be kept separate; (d) If there is a disparity in income, who should be contributing to what and how much; (e) how are debts that came into the marriage going to be handled; and (f) who is actually sitting down and paying the bills. The Future is ComingObviously its hard to predict what the future may hold, but that shouldn’t prevent you from sitting down and roughly planning out what it should be. Set goals that you will need to save for and how long you think it should take to save for them now, to avoid marriage money problems later. Constantly revisit this topic, as your expectations and circumstances will change over time. Some basic topics to consider include: buying a house; having kids; college for kids; retirement; traveling; buying cars, etc. BudgetingIts number-crunching time, here’s where you sit down with your basic predictions of how much money you have coming in (after taxes) and how much all of this should cost. The basic things to include in your budget are: Income (salary, business income, property income and investment income); Assets (bank accounts, investments, property); Debts (mortgages, loans, credit card debts); Expenses (rent/mortgage, food, utilities, clothing, transportation, insurance, investment contributions, travel, entertainment, and any other expenditure you’ll be making). Cut Your Expenses – Go WithoutFor young couples, this can be a daunting exercise to get through. So make sure to be honest, patient, and open to compromise. If you can get through this, you’ll have overcome the most likely reason to get divorced. Finally, regularly revisit your financial plan to avoid future marriage money problems. You’ll often find that your initial assumptions and expectations were wildly inaccurate, so take the time to update your plan before you go any farther. Divorce Lawyer Free ConsulationWhen money causes you to need a divorce in Utah, please call Ascent Law at (801) 676-5506 for your free consultation. We want to help you.
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
4.9 stars – based on 67 reviews
Statute of Limitations on Back Taxes via Michael Anderson https://www.ascentlawfirm.com/money-problems-and-divorce/
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![]() Businesses have two primary ways to raise money, and which one you choose depends on how much money you need and whether you’re willing to cede control to other people: Loans: Just like anyone else, businesses obtain financing by borrowing money from friends, family members and banks. Most banks have special divisions that deal with commercial banking (as opposed to personal banking), so a good way to familiarize yourself with how bank loans work for businesses is to inquire at your own bank. Equity: Businesses also regularly give away a part of themselves, known as an equity interest, in return for financing. Instead of taking a loan, a business might sell a percentage of its profits to an investor and receive a sum of money in return. This can be an effective way to raise money without incurring massive debts. Are Business Loans any Different than Regular Loans? Business loans are largely similar to personal loans. You and the lender will agree on the amount of the loan, the interest rate, and the repayment schedule before signing an agreement. Just like any other loan, a bank may require that you provide collateral for the loan, which for businesses can often be business equipment, property, etc. What Kind of Repayment Options are there for Business Loans? Just like any other loan, the most common form of repayment is typically a monthly payment that goes toward both the principal and the interest on the loan. Some businesses, however, structure repayment so that they initially have a much lower monthly payment for a period of time until the business is expected to become profitable. At that point, the monthly payment increases to cover the cost of the initially lower payments and may end in a balloon payment coming due. Finally, some businesses structure their repayment so that it largely covers the interest portion of the loan before applying payments to the principal of the loan. How Does Selling an Ownership Interest in my Business Differ from a Loan? When taking out a loan, money is borrowed and then repaid over a period of time. In contrast, when selling an ownership interest, money is given in return for a stake in the business and no repayment is due. Selling an ownership interest is just a business transaction like any other – you sell a piece of the company and get money in return. Investors are willing to do this because they will generally ask for a percentage of the company’s profits in return. To them, it is an investment, and they expect that the profits generated will exceed the amount they initially put in. While not having a loan to repay may sound nice, the catch is that someone else now owns a portion of your business and now has substantial rights and the ability to control the company to some extent. This can be a good or bad thing depending on you, your business and the investors. How Do I Sell an Ownership Interest in my Business? In order to grant an ownership interest into your business, you’ll first have to decide how to organize the business. If you do nothing and simply execute a contract granting investors a portion of the company, then by default you’ll most likely have created a general partnership. General partnerships are usually avoided, however, because the investors (as well as the founder) are personally liable for the debts and liability incurred by the business. Most businesses prefer to organize as one of the “limited liability” organizations available to businesses such as corporations, limited liability companies or limited partnerships. Each one of these organizational structures provides some sort of protection for equity holders against business debts and liability. Business Lawyer Free ConsultationWhen you need legal help with financing your business, or getting a Securities Exemption, please call Ascent Law for your free consultation (801) 676-5506. We want to help you.
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
4.9 stars – based on 67 reviews
via Michael Anderson https://www.ascentlawfirm.com/financing-a-business/ ![]() Deciding who you will name as your health care agent is one of the more difficult and important decisions you can make when planning for the future. Depending on the state, your health care agent may also be called a surrogate, attorney-in-fact or proxy. Your health care agent receives a durable power of attorney for health care from you, which gives your agent the power to make medical decisions for you if you are incapacitated or otherwise unable to make medical decisions for yourself. Depending on the state, the durable power of attorney may be referred to as a “designation of health care surrogate” or “appointment of health care proxy”, or something similar. Your agent will not be able to override any health care preferences you set out in a living will, but will have complete authority to make any other medical decisions. Things to Consider for a Health Care Power of AttorneyYour primary concern when selecting a health care agent should be trust. This person may be put in difficult circumstances, so you need to be able to trust that this person will make healthcare decisions that you would make; not decisions they would make for themselves or decisions other family members may want. In addition to trust, here are some of the most basic factors to keep in mind when selecting your agent: It may make sense to have your doctor or a trusted hospital employee be your health care agent, especially if he or she has been treating you most of your life. However, most states have laws that prevent this, as it may put your doctor or the hospital employee in a conflict of interest and cause other problems. Note that this may apply even to your preferred agent (e.g., spouse), if he or she is a doctor or hospital employee. So check your state’s laws if the person you wish to name as your health care agent is a doctor or works for a hospital. You should generally never name more than one health care agent. It may seem like the diplomatic solution to any family issues, but it is more likely to cause problems than solve them. It often results in family in-fighting, and can strain or break relationships between people you care deeply about. It also can delay or cast doubt on decisions if one agent is unavailable and neither doctors nor courts want to follow through with questionable decisions. In a worst case scenario, one agent could take a matter to court which would cause considerable delay and acrimony between the parties. Rather than name multiple agents, it makes more sense to name alternate agents. If your named agent passes away or is otherwise unable to perform his or her required duties, then the responsibility would fall to your alternate agent. This can also be a diplomatic way to deal with family issues, as people named as alternates would still feel trusted and included. You should, however, take the task of choosing an alternate just as seriously as naming the primary candidate. Never select someone you wouldn’t trust and really want making decisions for you simply to avoid family issues. Rather than choose a health care agent you are not comfortable with, you should consider simply not naming one. If you don’t name an agent, your treatment will largely be guided by your living will (something an agent could never override anyways). If you do not name an agent, make sure you really spend time on your living will to cover as many scenarios as possible, and contact your doctor and hospital to discuss your medical care wishes and how to best see them carried out. Health Care Lawyer Free ConsultationWhen you need legal help with an estate plan, power of attorney, or health care matter, please call Ascent Law for your free consultation (801) 676-5506. We want to help you.
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506 via Michael Anderson https://www.ascentlawfirm.com/health-care-power-of-attorney/ ![]() The repercussions of a divorce can be wide-ranging and affect many aspects of a person’s life, but what many people fail to anticipate are the hardships a divorce can levy against a business they own and operate. Many statistics such as this one are difficult to pin down, many business experts suggest that divorces often wreak havoc on company matters, sometimes leading to bankruptcy or other financial problems. To avoid these unintended consequences, we suggest the following preventative measures: (1) Consult with trusted advisers. Divorce can be difficult and distracting for anyone, and particularly those who are trying to run a business. While operating under these burdens it’s important that you have a trusted team to turn to when making important business-related decisions. They’ll help you stay on the right course as you deal with the divorce process. (2) Plan ahead. One of the best steps to take to protect your business happens well before a marriage dissolves: creating a prenuptial agreement to determine which property or assets are separate and how any marital property will be divided. Drafting an adequate pre-nup is important to ensure it will hold up after a divorce, and both parties should ideally be represented by legal counsel in this process. Also, you should consider the settlement sources. Although companies are sometimes sold and the assets divided as part of a settlement, business owners will want to consider other options that keep the business intact, including dividing other available martial assets such as cash, stock, real estate and retirement accounts. Other options include establishing a property settlement note, which represents a long-term payout of the value of your business share. Continuing Business Partnerships After a DivorceIt’s one thing to split up as a couple, but what if you are also business partners? With approximately 3.7 million businesses owned by a husband and wife, divorce among people who jointly run a company is increasingly common. When this happens, partners must decide whether or not they will continue to work alongside one another after the dissolution of their marriage, or how to part ways without damaging the business. One of the best things a couple that share a business can do is craft a partnership agreement, preferably before they begin working together. In any case, they should determine the conditions under which a partner can sell and how to handle the division of assets. Such agreements should also specify details about how the partners will handle longer-term working arrangements, which sometimes includes a commitment to remain at the company for a given length of time. The parties involved in a divorce are not the only ones affected; company employees also face questions about the future of the business when their leaders end their marriage. Business partners should be upfront about the impact of the divorce on the organization and try to maintain professionalism throughout the process, even when facing difficult emotions as the result of a break up. Another critical element in maintaining a business relationship is mutual respect. Keeping this regard intact can be difficult because of the anger and resentment that often accompanies a divorce, but some couples are able to put aside these feelings. Working with a former spouse who still has important skills to contribute to the organization can often override any initial awkwardness. Business Divorce Lawyer Free ConsultationWhen you need both business and divorce legal help, please call Ascent Law at (801) 676-5506. We want to help you.
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
4.9 stars – based on 67 reviews
via Michael Anderson https://www.ascentlawfirm.com/business-after-divorce/ ![]() This is about estate planning law and how most new brokerage accounts are opened each year and people routinely title them in joint tenancy with rights of survivorship. This often shorten to the form “JTWROS”. This form of ownership can be great for a close-knit married couple — what’s yours is mine and what’s mine is yours. Both spouses own equal shares of the joint tenancy property. Upon the death of the first spouse, the joint tenancy property passes “automatically” without a will to the surviving spouse. However, joint tenancy can have its drawbacks, especially when it comes to taxes. Let’s take a look at the basic tax rules for brokerage accounts held in joint tenancy and some of the most frequently asked questions. There are some tax implications you need to be aware of. The transfer of property in joint tenancy to your spouse is generally not a taxable gift. Therefore, you can open a joint tenancy brokerage account with your spouse or transfer your assets in and out of a joint tenancy brokerage account with your spouse without incurring gift tax. What about estate taxes? Where partners are the sole joint tenants, only one-half of the value of the assets in the brokerage account will be included in the estate of the first spouse to die. However, because there is an unlimited estate tax marital deduction for property passing to a spouse (in joint tenancy or otherwise), no estate tax will be paid on the assets in the joint brokerage account when the first spouse dies. Be careful, however, not to over-utilize joint tenancy as this can sometimes cause the family’s estate tax burden to be substantially greater than it otherwise would be upon the death of the surviving spouse. Estate tax exemptions could be lost if substantially all of a family’s assets are held in joint tenancy. What happens to the assets in my joint tenancy brokerage account for income tax purposes when a spouse dies? The tax basis of property is either increased or decreased to its current fair market value upon the death of its owner. Tax basis is what is used to measure gain or loss on the sale of the property. In the case of a brokerage account held in joint tenancy by spouses, the tax basis for one-half of each asset in the brokerage account generally will receive a tax basis increase (or decrease) upon the death of the first spouse. What are the gift tax implications of opening a joint tenancy brokerage account with someone other than my spouse? Creating a joint tenancy with someone other than your spouse can result in a taxable gift, if you cannot remove funds from the account without the consent of the other joint tenant. The amount of the gift depends upon state law, but when a child is the joint tenant, the taxable gift is generally no less than one-half of the value of the property in the account. The annual gift tax exclusion ($14,000 in 2017) may not apply to this gift. However, the lifetime estate and gift tax exemption ($5.49 million in 2017) may apply. It is rare, however, that someone would want to use any of this lifetime exemption in a transaction involving a joint tenancy with a person other than a spouse. Tread carefully when opening a joint tenancy brokerage account with someone other than your spouse. The Estate TaxWill the assets in my brokerage account still be included in my estate if my child is added to my account? If your child does not contribute any of his or her personal funds to the account, the entire value of the account will generally be included in your estate for estate tax purposes. This will occur regardless of whether placing your child’s name on your joint tenancy brokerage account resulted in a taxable gift. Although appropriate credit will be given for any gift tax paid or gift tax exemptions that were utilized when the joint tenancy was created, all the appreciation in the account will still be included in your estate. What about Income Tax?How is the income tax basis of the assets in the account affected when the parent dies? If the entire value of the brokerage account held in joint tenancy between the parent and child is included in the parent’s estate, there will be a complete basis increase (or decrease) upon the parent’s death. Free Consultation with a Utah Estate LawyerWhen you need legal help with a joint tenancy account, estate, or probate matter, please call Ascent Law for your free consultation (801) 676-5506. We want to help you.
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
4.9 stars – based on 67 reviews
via Michael Anderson https://www.ascentlawfirm.com/investment-law/ ![]() This is going to be about tax fraud. The Internal Revenue Service (IRS) takes tax evasion and fraud very seriously, imposing stiff fines and even prison sentences for those who actively avoid paying their share of income taxes. The IRS also realizes that the tax code is so complex that sometimes honest mistakes, or acts of negligence, can have the appearance of criminal activity. In any case, tax problems can become increasingly troublesome for taxpayers who fail to resolve their issues. This section covers the difference between income tax fraud and negligence, the consequences of not paying one’s taxes and how to avoid tax-filing behavior the IRS may consider criminal or fraudulent. The IRS estimate that 17% of individual taxpayers fail to comply with the tax code in some way. Surprisingly, it is private individuals, not corporations, which are responsible for 75% of income tax fraud. However, there are a number of violations of the tax code that do not amount to fraud. Some violations amount to negligence and may still be punished, but generally speaking negligence is much less serious than fraud. Fraud occurs when a person or company intentionally fails to file an income tax return, willfully fails to pay taxes that are due, intentionally fails to report all income received, make false claims, or prepares and files a false tax return. Each of these kinds of fraud involves intentional or willful acts on the part of the taxpayer. Negligence, generally speaking, refers to the careless errors and other mistakes that might result in incorrect tax filing or payment. Where negligence is found the taxpayer may still be penalized up to 20% of their underpayment, though they may avoid the more serious consequences associated with a finding of fraud. Other acts that generally indicate that fraud has occurred, rather than mere negligence, include situations where the taxpayer falsified documents, ledgers, personal expenses, used a false Social Security number, or claimed exemption for a nonexistent dependent. Willfully overstating deductions and exemptions or willfully underreporting income is also generally considered to be fraud. Tax evasion is not always the fault of private individuals, however, and there are a number of schemes that can result in both the IRS and the private taxpayer are victims of fraud perpetuated by an employing company. Some of the schemes for tax evasion by employers include pyramiding, employee leasing, cash payment, filing false payroll tax returns, and failure to file payroll tax returns. Pyramiding refers to a practice where businesses withhold taxes from employees but do not remit them to the IRS. Businesses that engage in this practice frequently file for bankruptcy to discharge their liabilities and then start a new business under a different name and repeat the process. Employee leasing is when a business contracts with a third party business to handle administrative, personnel, and payroll for their employees. The scheme occurs when the third party business fails to pay the IRS the collected employment taxes. Failing to file payroll or filing false payroll returns are obvious and traditional forms of fraud. Paying employees in cash, while not itself a wrongdoing, is a common practice where an employer is evading their employment and income tax responsibilities with the IRS. Tax Fraud Lawyer Free ConsultationIf you’ve been charged with tax fraud or have questions about tax law, please call Ascent Law for your free tax law consultation (801) 676-5506. We want to help you.
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
4.9 stars – based on 67 reviews
via Michael Anderson https://www.ascentlawfirm.com/tax-fraud/ ![]() Sending one of your employees across town to pick up those company brochures from the print shop might not be as great an idea as you might think. If that employee is involved in an auto accident, an injured party could come after your business for compensation. There are several potential legal hot spots that businesses can easily overlook because such concerns may seem trivial. For example, think about cell phones. It is common practice for some businesses to equip their employees with a company cell phone so that clients or other employees can reach them when they are away from the office. It seems to make good business sense. The employee has freedom to leave the office without fear of missed calls. And overall efficiency is increased, which is good news to any employer. But sometimes, after giving a cell phone to an employee, drive time becomes just another place of business, and now with the added distraction of the cell phone. Should an accident occur, anyone seeking compensation could have a potential case against the business. Even if an employee isn’t using the phone, and even if the accidents occurs outside normal business hours, but while the phone is in their possession, the company could potentially be held liable. Drivers – Most companies painstakingly investigate and insure their on-the-job drivers, such as delivery people and truck drivers. But they usually overlook the small errands for which they sometimes send non-insured employees, such as office workers. While such functions like sending someone out for coffee may seem trivial and the best way to get the job done, employers must consider the possible legal dangers. If a company delivery driver causes an accident, the company could be charged for damages, but the insurance company will probably cover most of it. When other employees are sent out on errands that require driving, any legal entanglements could prove messy and costly. Here are some ideas to help make sure businesses don’t get into legal trouble when employees are sent outside the building (1) make sure you have employee policies regarding employees not using the cell phone for business while driving. Before implementing any such policies, employers should seek out legal counsel to be sure that the policies don’t cross any legal employment boundaries. (2) Provide cell phones only for essential personnel. (3) Before giving an employee an assignment that requires driving, make sure they have a valid driver’s license. (4) Keep employees in their hired roles. If they were hired for office work, keep them there. Let the company drivers do the driving. (5) Check with your insurance company to see what your company is covered for and when in situations involving the actions of your employees. (6) Keep things in perspective. Call and ask your business lawyer if you have a nagging thought in your mind. Business Lawyer Free ConsultationWhen you have questions about employer law or business law, please call Ascent Law for your free business law consultation (801) 676-5506. We want to help you.
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
4.9 stars – based on 67 reviews
via Michael Anderson https://www.ascentlawfirm.com/driving-on-company-time-law/ ![]() Getting behind on your taxes is all too easy. The hard part is getting your back taxes paid in full. To make matters worse, your tax bill can nearly double in size if not handled quickly. By definition, any tax that is left unpaid 60 days after it was due is considered “back taxes” by the IRS. When you file your tax return late, you’re charged interest on any unpaid balance. The late payment interest alone is up to 25%. You may also be subject to failure to file and failure to pay penalties. Read on to learn some helpful tips on paying back taxes. Law on Paying Back TaxesSo now that you know why you need to get your back taxes paid as soon as possible, let’s look at some steps you can take to pay your back taxes. Step 1 – Make Certain You Owe. When you’re confronting a tax bill you can’t afford, you should make certain the return is correct. Read your return carefully, and compare it to the previous years. If you filed on your own, consider working with a tax accountant to see if there are any deductions you missed. Step 2 – Make a Plan and Stick to It. Now that you’ve decided to tackle your back taxes, develop a plan that takes into consideration your current income and expenses, your assets, and any available credit to cover the debt. Step 3 – Contact the IRS. It’s often to your advantage to contact the IRS or your state tax authority with your proposal for paying back taxes before a collection action is initiated. You will have a better negotiating position if you voluntarily report past due taxes. Step 4 – Request Waiver of Penalties and fees. If you have a history of paying on time, you may be able to avoid paying some of the penalties and interest by asking for a first-time waiver. If you have paid late before, the IRS may still waive penalties if you can show “reasonable cause” for the delinquency. This step can reduce your tax bill by nearly half the amount owed. Step 5 – Choose a Payment Option. There are several ways you can pay your tax bill: ask for an up-to 120-day extension to pay, use a credit card, set up installment payments, get a private loan. It’s important to understand the effect of interest and penalties on your overall tax liability. If you select an IRS payment plan, interest will continue to be added to your bill until you are completely paid off. Step 6 – Offers in Compromise. An offer in compromise (OIC) is an agreement with the IRS that settles your tax liabilities for less than the amount owed. The IRS typically won’t accept an OIC less than the “reasonable collection potential” (RCP). The RCP includes the value that can be generated by selling or seizing your assets, such as real property, automobiles, bank accounts, and other property. A reasonable amount is allowed for basic living expenses, but is subject to negotiation. Step 7 – When You Really Can’t Pay. If you owe on your taxes but you’re facing extreme financial difficulties, you can ask the IRS to assess you as Currently Not Collectible. In such a situation, the IRS would determine if collection of the liability would create a hardship that would leave you unable to meet necessary living expenses. There are also some instances in which taxes can be discharged in bankruptcy, but this should not be attempted without an experienced attorney. What Not to Do When Paying Back TaxesWhen you’re dealing with back taxes, there are some things you should never do. If you have any questions or concerns, it’s a good idea to speak with an accountant or tax attorney first. 1. Avoid the IRS. This is the worst thing you could do. When you receive a letter in the mail from the IRS, read it and respond. If you are asked to submit an unfiled return or pay money, ask for an extension of time or set up a payment plan. The worst thing you can do is nothing. 2. Accept an IRS Filed Substitute Return. This is really bad too! If you failed to file your taxes, it’s likely that the IRS filed a substitute return on your behalf; This return is based only on information the IRS has from other sources. The IRS will not include any deductions or exemptions. You don’t have to accept a substitute return. You can file the missing years. 3. Fail to Set Up a Payment Plan. If you can’t pay your taxes in full, set up a payment plan. While you’re making payments, you are unlikely to have a tax lien placed against your assets. Once a you enter into an installment agreement you are considered to be in good standing with the IRS and most state taxing authorities. Plus, the quicker you pay-off your back taxes, the less interest you’ll be charged. Free Consultation with a Utah Tax AttorneyIf you are here, you probably have a tax law issue you need help with, call Ascent Law for your free tax law consultation (801) 676-5506. We want to help you.
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
4.9 stars – based on 67 reviews
How to Avoid An Income Tax Audit via Michael Anderson https://www.ascentlawfirm.com/paying-back-taxes/ ![]() There are two fundamental documents that need to be executed during your life to ensure that you receive the kind of healthcare you want if you are ever incapacitated. The first is commonly called a living will, an advanced directive, or a patient advocate designation, or something similar. Regardless of their name, these documents allow you to instruct physicians and health care providers about the kind of health care you want and don’t want if you are unable to tell them yourself. The second document sets out who has power of attorney for your healthcare decisions so that they may answer questions that may not be addressed by your living will. A Living WillThe first document you need to create to ensure that your medical wishes are honored is usually called a living will. This written document sets out how you should be cared for in an emergency or if you are otherwise incapacitated. Your living will sets forth your wishes on topics such as resuscitation, desired quality of life and end of life treatments including treatments you don’t want to receive. This document is primarily between you and your doctor, and it advises them how to approach your treatment. Try to be as specific as possible in this document, realizing that you can’t account for every possibility, which is where the durable power of attorney for health care comes in. Durable Power of Attorney for HealthcareThe durable power of attorney for healthcare is given to the person you want to make medical decisions for you in an emergency. Even though you set out your wishes in your living will, such documents can never cover every circumstance, and the person who has a durable power of attorney for healthcare can make decisions not covered by your living will. Depending on your state, the person you grant a durable power of attorney for healthcare will typically be called your “agent,” “proxy,” “attorney-in-fact”, “patient advocate” or “surrogate”. The typical rights for this person include: (1) Providing medical decisions that aren’t covered in your healthcare declaration; (2) Enforcing your healthcare wishes in court if necessary; (3) Hiring and firing doctors and medical workers seeing to your treatment; (4) Having access to medical records; and (5) Having visitation rights. Finally, note that in some states they combine the living will and the durable power of attorney for healthcare into one document called an “advance health care directive”. Do Not Resuscitate Orders (DNR)One of the most important parts of your living will should indicate your wishes regarding resuscitation. You can ask your doctor to add a Do Not Resuscitate Order (DNR) to your medical records and you should also create a pre-hospital DNR to keep nearby to prevent paramedics or your health care facility from trying to resuscitate you. Power of Attorney Lawyer Free ConsultationWhen you need legal help with a DNR or power of attorney, please call Ascent Law for your free estate law consultation (801) 676-5506. We want to help you.
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506 via Michael Anderson https://www.ascentlawfirm.com/power-of-attorney-and-dnr/ ![]() The Securities and Exchange Commission announced an enforcement action against an investment advisory firm that failed to properly prepare clients for additional transaction costs beyond the “wrap fees” they pay to cover the cost of several services bundled together. In wrap fee programs, subadvisers typically use a sponsoring brokerage firm to execute their trades on behalf of clients, and the costs of those trades are included in the annual wrap fee that each client pays. An SEC investigation found that Richmond, Va.-based RiverFront Investment Group disclosed to investors in Forms ADV that client trades were typically executed through the sponsoring broker so the wrap fee would cover the transaction costs. But RiverFront actually used brokers besides the wrap program sponsor to execute the majority of its wrap program trading, resulting in additional costs to clients for those transactions. While RiverFront did disclose that some “trading away” from the sponsoring broker could occur, the firm inaccurately described the frequency, rendering its disclosures materially misleading. RiverFront agreed to settle the SEC’s charges. “Investors were misled about the overall cost of selecting RiverFront to manage their portfolios,” said Sharon Binger. “Investors in wrap fee programs pay one annual fee for bundled services without expecting to pay more, so if subadvisers like RiverFront trade in a way that incurs additional costs to clients, those costs must be fully and clearly disclosed upfront so investors can make informed investment decisions.” The SEC’s National Exam Program has included wrap fee programs among its annual examination priorities, particularly assessing whether advisers are fulfilling fiduciary and contractual obligations to clients and properly managing such aspects as disclosures, conflicts of interest, best execution, and trading away from the sponsor. The SEC’s order against RiverFront finds that the firm violated Sections 207 and 204 of the Investment Advisers Act of 1940 and Rule 204-1(a). Without admitting or denying the findings, RiverFront agreed to be censured and pay a $300,000 penalty, and the firm must post on its website on a quarterly basis the volume of trades by market value executed away from sponsors and the associated transaction costs passed onto clients. Investment Adviser LawThe Securities and Exchange Commission proposed a new rule that would require registered investment advisers to adopt and implement written business continuity and transition plans. The proposed rule is designed to ensure that investment advisers have plans in place to address operational and other risks related to a significant disruption in the adviser’s operations in order to minimize client and investor harm. “While an adviser may not always be able to prevent significant disruptions to its operations, advance planning and preparation can help mitigate the effects of such disruptions and in some cases, minimize the likelihood of their occurrence, which is an objective of this rule,” said SEC Chair Mary Jo White. “This is the latest action in the Commission’s efforts to modernize and enhance regulatory safeguards for the asset management industry, which includes rules previously proposed that would modernize the information reported to the Commission and investors, enhance fund liquidity management, and strengthen the regulation of funds’ use of derivatives.” Business continuity and transition plans would assist advisers in preserving the continuity of advisory services in the event of business disruptions – whether temporary or permanent – such as a natural disaster, cyber-attack, technology failures, the departure of key personnel, and similar events. The proposed rule would require an adviser’s plan to be based upon the particular risks associated with the adviser’s operations and include policies and procedures addressing the following specified components: maintenance of systems and protection of data; pre-arranged alternative physical locations; communication plans; review of third-party service providers; and plan of transition in the event the adviser is winding down or is unable to continue providing advisory services. The plans would be required to address these elements that are critical to minimizing and preparing for material service disruptions, but would permit advisers to tailor the detail of their plans based upon the complexity of their business operations and the risks attendant to their particular business models and activities. The proposed rule and rule amendments also would require advisers to review the adequacy and effectiveness of their plans at least annually and to retain certain related records. In addition to the proposed rule, SEC staff issued related guidance addressing business continuity planning for registered investment companies, including the oversight of the operational capabilities of key fund service providers. The proposal will be published on the SEC’s website and in the Federal Register. The comment period will be 60 days after publication in the Federal Register. Smaller Reporting CompanyIn 2016, the SEC issued proposed rule amendments that would increase the financial thresholds in the definition of smaller reporting company as used in the SEC’s rules and regulations. If adopted, the proposal would expand the number of registrants that qualify as SRCs. • Less than $250 million in public common equity float as of the last business day of their most recently completed second fiscal quarter. The proposed rules would also amend the definitions of accelerated filer and large accelerated filer to eliminate the provision in each that specifically excludes SRCs but would preserve the provision regarding the size of companies that are subject to the accelerated filer disclosure and filing requirements. As a result, companies with $75 million or more of public common equity float would maintain SRC status under the amended definition, but would become subject to the requirements that apply currently to accelerated filers, including the: (a) Reduced timing to file periodic reports; and (2) Requirement that accelerated filers provide the auditor’s attestation of management’s assessment of internal controls over reporting required by Section 404(b) of the Sarbanes-Oxley Act of 2002. Failure to Disclose Lawyer Free ConsultationIf you have an issue with failure to disclose law, please call Ascent Law for your free consultation (801) 676-5506. We want to help you.
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About MeIn 2009 I was creating marketing channels for barbie dolls in Nigeria. Spent a weekend implementing dogmas in Naples, FL. Won several awards for writing about toy trucks in Mexico. Spent 2001-2007 analyzing deodorant in Pensacola, FL. Spent 2001-2004 researching heroin in Miami, FL. Enthusiastic about writing about clip-on ties in Naples, FL. Archives
June 2019
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